Sweep Arrangement Sample Clauses
Sweep Arrangement. Advances, repayments, and reborrowings of Revolving Credit Loans may be made in accordance with a cash management system with the Lender, which shall be evidenced by separate, standard documentation of the Lender (the “Sweep Arrangement”). Pursuant to such cash management system, the Borrower will establish a “concentration account” with the Lender into which all of the Borrower’s deposit accounts will be swept daily, and from which payments will be made to the Borrowers to cover withdrawals from the Borrower’s deposit accounts. At the close of each Business Day, (i) any funds remaining in said concentration account will be applied by the Lender to outstanding Revolving Credit Loans and (ii) any shortages in said concentration account will be covered by an automatic advance of a Revolving Credit Loans. Any remaining funds in said concentration account at the end of each Business Day after repayment of all outstanding Revolving Credit Loans shall be invested overnight in accordance with the Sweep Arrangement. Revolving Credit Loans made pursuant to the Sweep Arrangement may be Base Rate Loans or Daily Simple SOFR Loans, as selected by the Borrower.
Sweep Arrangement. (a) Borrowings and, if applicable, repayments of Revolving Loans will be settled according to the procedures described in this Section 2.27. The Administrative Agent shall, no later than 1:00 p.m. (Cincinnati time) every Business Day (each such day being a “Settlement Date”) after any immediately preceding Business Day that there is activity in the accounts that are the subject of the Sweep Arrangement that results, at the direction of SBAC, in the payment of Obligations or a Borrowing of a Revolving Loan, distribute to each Lender a statement (the “Agent’s Report”) disclosing as of the immediately preceding Business Day the net amount (the “Settlement Amount”) due to or due from each Lender to effect a Settlement and the calculations therefor. The Agent’s Report submitted to a Lender shall be prima facie evidence of the amount due to, or from, such Lender to effect a Settlement. If the Agent’s Report discloses a net amount due from the Administrative Agent to any Lender to effect the Settlement, the Administrative Agent, concurrently with the delivery of the Agent’s Report to the Lenders, shall transfer such amount to such Lender in funds immediately available to such Lender. If the Agent’s Report discloses a net amount due to the Administrative Agent from any Lender to effect the Settlement, then such Lender shall wire transfer before the end of business on the Settlement Date such amount in funds immediately available to the Administrative Agent and to the account designated by it. Payments to effect a Settlement shall be made without set-off, counterclaim or reduction of any kind. The failure or refusal of any Lender to make available to the Administrative Agent at the aforesaid time and place the amount of the Settlement Amount due from such Lender shall not relieve any other Lender from its several obligation hereunder to make available to the Administrative Agent the amount of such other ▇▇▇▇▇▇’s Settlement Amount.
(b) Notwithstanding the requirements set forth in Section 2.4 and Section 2.5, the Administrative Agent may make Revolving Loans (bearing interest at the Tranche Rate plus the Applicable Margin for Tranche Rate Loans from time to time in effect) in amounts necessary to honor checks and other orders for the payment of monies made by any Loan Party and presented to the Administrative Agent for payment and other Treasury Management Obligations owing by any Loan Party to the Administrative Agent. Any such Revolving Loans so funded by the Admi...
Sweep Arrangement. (a) Borrowings and, if applicable, repayments of Revolving Loans will be settled according to the procedures described in this Section 2.27. The Administrative Agent shall, no later than 1:00 p.m. (Cincinnati time) every Business Day (each such day being a “Settlement Date”) after any immediately preceding Business Day that there is activity in the accounts that are the subject of the Sweep Arrangement that results, at the direction of SBAC, in the payment of Obligations or a Borrowing of a Revolving Loan, distribute to each Lender a
Sweep Arrangement. (i) The becoming due of any Obligations shall be deemed to be a request for (x) subject to Section 2.4, a Swingline Loan or (y) if a Swingline Loan is not made and subject to Section 2.6(e), an LIR Revolving Loan, on the due date therefor in the amount of such Obligations, and, upon the making of such Loan, Administrative Agent shall apply the proceeds thereof in direct payment of such Obligations. In addition, Administrative Agent may, at its option, debit any of Borrowers' Deposit Accounts maintained at Administrative Agent (or any of its Affiliates) by the amount of any Obligations which are then due and apply the proceeds thereof to the payment of such Obligations.
(ii) If Borrowers have established a controlled disbursement Deposit Account with Administrative Agent (or any of its Affiliates), then the presentation for payment of any check or other item of payment drawn on such Deposit Account at a time when there are insufficient funds on deposit therein to pay the same shall be deemed to be a request for (x) subject to Section 2.4, a Swingline Loan or (y) if a Swingline Loan is not and subject to Section 2.6(e), an LIR Revolving Loan, on the date of such presentation in the amount of the checks and such other Payment Items presented for payment. The proceeds of such Loan may be disbursed directly to the controlled disbursement Deposit Account or other appropriate Deposit Account.
(iii) If Borrowers have established a controlled disbursement Deposit Account with Administrative Agent (or any of its Affiliates), then, at the end of each Business Day, if the aggregate amount of presentations for payment of all checks and other items of payment drawn on such Deposit Account during such Business Day is less than funds on deposit therein, then such excess funds shall be applied, first, to the payment of any Swingline Loans; and second, retained in such Deposit Account as a credit balance in favor of Borrowers.
(iv) Swingline Lender, at any time and from time to time in its sole discretion, may, on behalf of Borrowers (which hereby irrevocably authorize and direct Swingline Lender to act on their behalf), give a Notice of Borrowing to Administrative Agent requesting that Lenders make a Revolving Loan in an amount equal to their Pro Rata Share of the unpaid principal amount of any outstanding Swingline Loan as, subject to Section 2.6(e), an LIR Revolving Loan, which shall thereafter be deemed a Revolving Loan. If such notice is received by 11:00 a.m. by a Len...
Sweep Arrangement. Section 2.6 is hereby added to the Credit Agreement as follows:
Sweep Arrangement. Notwithstanding any provision herein to the contrary, and while ▇▇▇▇▇ Fargo remains the sole Lender under this Agreement, ▇▇▇▇▇ Fargo and the Borrower may agree that the Borrower may automatically draw and repay Revolving Credit Loans (subject to the limitations set forth herein) pursuant to cash management arrangements between the Borrower and ▇▇▇▇▇ Fargo (the “Sweep Arrangement”). Principal and interest on Revolving Credit Loans deemed requested pursuant to the Sweep Arrangement shall be paid pursuant to the terms and conditions agreed to between the Borrower and the Administrative Agent (without any deduction, setoff or counterclaim whatsoever). The borrowing and disbursement provisions set forth in Section 2.2 and any other provision hereof with respect to the timing or amount of payments on the Revolving Credit Loans (other than as set forth in Section 2.4(a)) shall not be applicable to Revolving Credit Loans advanced and prepaid pursuant to the Sweep Arrangement. Unless sooner paid pursuant to the provisions hereof or the provisions of the Sweep Arrangement, the principal amount of the Revolving Credit Loans shall be paid in full, together with accrued interest thereon, on the Revolving Credit Maturity Date.